SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10-QSB

    (Mark One)

          [ X ]   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                  SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended   March 31, 2000

                                       OR

       [   ]      TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                  SECURITIES EXCHANGE ACT OF 1934

                       For the transition period from to
                          -----------------------------

                        Commission file number: 333-59109

                                ABLE ENERGY, INC.
             (Exact name of registrant as specified in its charter)

<TABLE>
<CAPTION>
<S>                                                                                            <C>
         Delaware                                                                              22-3520840
(State or other jurisdiction of                                                             (I.R.S. employer
incorporation or organization)                                                              identification No.)
</TABLE>

                                  344 Route 46
                               Rockaway, NJ 07866
               (Address of principal executive offices) (Zip code)

       Registrant's telephone number, including area code: (973) 625-1012


                                 Not Applicable

              (Former name, former address and former fiscal year,
                         if changed since last report)


         Indicate  by check X  whether  registrant  (1) has  filed  all  reports
required to be filed by Section 13 or 15(d) of the  Securities  Exchange  Act of
1934 during the preceding 12 months (or for such shorter period that  registrant
was  required  to file such  reports),  and (2) has been  subject to such filing
requirements for the past 90 days. Yes [X] No [ ]

         As of May 9, 2000, 2,000,000 shares, $.001 Par value per share, of Able
Energy, Inc. were issued and outstanding.


<PAGE>
                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                            PAGE

PART I - FINANCIAL INFORMATION

ITEM 1 - FINANCIAL STATEMENTS (UNAUDITED)

<S>                                                                                              <C>
         Accountants' Report                                                                     3

         Consolidated Balance Sheets as of December 31, 1999 and
            March 31, 2000                                                                       4 - 5

         Consolidated Statements of Income for the three
            months ended March 31, 2000 and March 31, 1999                                       6

         Consolidated Statement of Stockholders' Equity three months
            ended March 31, 2000                                                                 7

         Consolidated Statements of Cash Flows for the three months
            ended March 31, 2000 and 1999                                                        8

         Notes to Unaudited Financial Statements                                                 9 - 17


</TABLE>






<PAGE>






To the Board of Directors
Able Energy, Inc.
Rockaway, New Jersey 07866

                         Independent Accountants' Report

We have reviewed the condensed  consolidated  balance sheet of Able Energy, Inc.
and  Subsidiaries as of March 31, 2000, and the related  condensed  consolidated
statements  of income and cash flows for the three month periods ended March 31,
2000  and  1999.  These  financial  statements  are  the  responsibility  of the
Company's management.

We conducted our review in  accordance  with the  standards  established  by the
American  Institute  of  Certified  Public  Accountants.  A  review  of  interim
financial  information  consists primarily of applying analytical  procedures to
financial  data and making  inquiries of persons  responsible  for financial and
accounting matters. It is substantially less in scope than an audit conducted in
accordance with generally accepted auditing standards, the objective of which is
the  expression  of an opinion  regarding the  financial  statements  taken as a
whole. Accordingly, we do not express such an opinion.

Based on our review, we are not aware of any material  modifications that should
be made to the condensed consolidated financial statements referred to above for
them to be in conformity with generally accepted accounting principles.

We have  previously  audited,  in accordance  with generally  accepted  auditing
standards,  the  consolidated  balance  sheet as of December 31,  1999,  and the
related consolidated statements of income, retained earnings, and cash flows for
the year then ended (not  presented  herein);  and in our report dated March 16,
2000,  we  expressed  an  unqualified  opinion on those  consolidated  financial
statements.  In our  opinion,  the  information  set  forth in the  accompanying
condensed  consolidated balance sheet as of December 31, 1999, is fairly stated,
in all material  respects,  in relation to the  consolidated  balance sheet from
which it has been derived.

Rockaway, New Jersey
May 9, 2000

                                        3


<PAGE>
                       ABLE ENERGY, INC. AND SUBSIDIARIES

                           CONSOLIDATED BALANCE SHEET
<TABLE>
<CAPTION>

                                                            ASSETS

                                                                                       March 31,               December 31,
                                                                                         2000                      1999
                                                                                      (Unaudited)                Audited

Current Assets:

<S>                                                                                       <C>                           <C>
    Cash                                                                                  $ 2,452,190                   $ 2,926,412
    Accounts Receivable (Less Allowance for Doubtful
     Accounts of ($157,974) at 12/31/99 and ($157,974) 3/31/00                              2,872,367                     1,996,500
    Inventory                                                                                 296,211                       229,979
    Notes Receivable - Current Portion                                                         16,798                        61,748
    Miscellaneous Receivable                                                                   25,653                        22,640
    Prepaid Expense                                                                            81,338                        48,826
    Prepaid Expense - Income Taxes                                                                  -                       119,951
    Deferred income Tax                                                                        48,270                        48,270
    Due From Officer                                                                           44,690                        44,690
                                                                                        -------------                  ------------
        Total Current Assets                                                                5,837,517                     5,499,016
                                                                                          -----------                    ----------

Property and Equipment:

    Land                                                                                      451,925                       451,925
    Building                                                                                1,008,250                     1,008,250
    Trucks                                                                                  2,264,345                     2,236,508
    Fuel Tanks                                                                                893,453                       836,790
    Machinery and Equipment                                                                   383,649                       346,198
    Leasehold Improvements                                                                    187,364                       187,364
    Cylinders                                                                                 336,767                       319,490
    Office Furniture and Equipment                                                             14,841                        14,841
                                                                                         ------------                 -------------
                                                                                            5,540,594                     5,401,366
    Less: Accumulated depreciation                                                          1,406,861                     1,266,201
                                                                                          -----------                   -----------
        Net Property and Equipment                                                          4,133,733                     4,135,165
                                                                                          -----------                   -----------

Other Assets:

    Deposits                                                                                   33,310                        94,625
    Notes Receivable - Less Current Portion                                                   171,813                       126,863
    Customer List, Less Amortization of 1999 ($125,045), and
      2000 ($134,229).                                                                        476,621                       485,805
    Covenant Not to Compete, Less Amortization of 1999
     ($125,123) and 2000 ($132,634).                                                          150,932                       158,444
                                                                                         ------------                  ------------
         Total Other Assets                                                                   832,676                       865,737
                                                                                         ------------                  ------------

        Total Assets                                                                      $10,803,926                   $10,499,918
                                                                                          ===========                   ===========

</TABLE>

                             See Accompanying Notes

                                        4
<PAGE>
                       ABLE ENERGY, INC. AND SUBSIDIARIES

                       CONSOLIDATED BALANCE SHEET (Cont'd)

                       LIABILITIES & STOCKHOLDERS' EQUITY
<TABLE>
<CAPTION>

                                                                                           March 31,               December 31,
                                                                                                2000                       1999
                                                                                         (Unaudited)                  (Audited)

Current Liabilities:

<S>                                                                                      <C>                        <C>     <C>
    Accounts Payable                                                                     $ 1,442,674                $ 1,638 699
    Note Payable - Bank                                                                       67,925                    201,214
    Current Portion of Long-Term Debt                                                        707,642                    789,978
    Accrued Expenses                                                                         308,156                    260,818
    Taxes Payable                                                                            183,649
    Customer Advance Payments                                                                 16,082                    156,738
    Current Portion of Deferred Income                                                             -                     14,548
    Escrow Deposits                                                                           15,000                     15,000
                                                                                        ------------                -----------
        Total Current Liabilities                                                          2,741,128                  3,076,995


Deferred Income: less current portion                                                         61,439                     53,342
Deferred Income Taxes                                                                         58,201                     56,201
Long Term Debt: less current portion                                                       1,448,001                  1,529,444
                                                                                         -----------                 ----------
        Total Liabilities                                                                  4,308,769                  4,715,982
                                                                                         -----------                 ----------

Stockholders' Equity:

    Common Stock
    Authorized 10,000,000 Shares, Par Value $.001 per
       share Issued and Outstanding 2,000,000 shares                                           2,000                      2,000
    Paid in Surplus                                                                        5,662,775                  5,662,775
    Retained Earnings                                                                        830,382                    119,161
                                                                                        ------------                -----------
        Total Stockholders' Equity                                                         6,495,157                  5,783,936
                                                                                         -----------                 ----------

        Total Liabilities and Stockholders' Equity                                       $10,803,926                $10,499,918
                                                                                         ===========                ===========
</TABLE>









                             See Accompanying Notes

                                        5
<PAGE>
                       ABLE ENERGY, INC. AND SUBSIDIARIES
                        CONSOLIDATED STATEMENT OF INCOME

                                   (UNAUDITED)
<TABLE>
<CAPTION>

                                                                                            THREE MONTHS ENDED MARCH 31,
                                                                                                      UNAUDITED

                                                                                             2000                      1999
                                                                                             ----                      ----
<S>                                                                                      <C>                       <C>
Net Sales                                                                                $11,115,203               $6,180,935

Cost of Sales                                                                              9,037,314                4,427,177
                                                                                         -----------               ----------

   Gross Profit                                                                            2,077,889                1,753,758
                                                                                         -----------               ----------

Expenses

   Selling, General and Administrative Expenses                                              884,235                  696,542
   Depreciation and Amortization Expense                                                     169,689                  108,251
                                                                                        ------------               ----------
      Total Expenses                                                                       1,053,924                  804,793
                                                                                         -----------               ----------

   Income From Operations                                                                  1,023,965                  948,965
                                                                                         -----------                ---------

Other Income (Expenses):

   Interest Income                                                                            33,526                   10,113
   Miscellaneous Income                                                                        9,549                    4,172
   Interest Expense                                                                         (50,219)                 (28,427)
                                                                                        -----------               ----------
      Total Other Income (Expenses)                                                          (7,144)                 (14,142)
                                                                                        -----------               ----------

   Income Before Provision for Income Taxes and Extra-

     ordinary Item                                                                         1,016,821                  934,823

Provision for Income Taxes                                                                   438,450                  378,610
                                                                                         -----------               ----------

   Net Income - Continuing Operations                                                        578,371                  556,213

   Extraordinary Item                                                                      (132,850)                   -
                                                                                         ----------                ----------

Net Income                                                                               $   711,221               $  556,213
                                                                                         ===========               ==========

Net Income Per Share - Continuing Operations                                             $      .325                     .556
                                                                                         ----------                ----------

Extraordinary Item - Per Share                                                           $      .075                   -
                                                                                         ----------                ----------

    Net Income Per Share                                                                 $       .40                     .556
                                                                                         ----------                ----------

Weighted Average Number of Common Shares

   Outstanding                                                                             1,778,082                1,000,000
                                                                                          ==========              ===========

</TABLE>
                             See Accompanying Notes

                                        6
<PAGE>
                       ABLE ENERGY, INC. AND SUBSIDIARIES

                 CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY

                        THREE MONTHS ENDED MARCH 31, 2000

                                   (UNAUDITED)
<TABLE>
<CAPTION>

                                   Common Stock
                                  .001 Par Value
                                                       Additional                 Total
                                                        Paid-in     Retained    Stockholders'
                               Shares       Amount      Surplus     Earnings      Equity

<S>               <C>        <C>         <C>          <C>          <C>          <C>
Balance - January 1, 2000    2,000,000   $    2,000   $5,662,775   $  119,161   $5,783,936

Net Income ..............                                             711,221      711,221
                            ----------   ----------   ----------   ----------   ----------

Balance - March 31, 2000     2,000,000   $    2,000   $5,662,775   $  830,382   $6,495,157
                            ==========   ==========   ==========   ==========   ==========

</TABLE>



























                             See Accompanying Notes

                                        7
<PAGE>
                       ABLE ENERGY, INC. AND SUBSIDIARIES
                      CONSOLIDATED STATEMENT OF CASH FLOWS

                                   (UNAUDITED)
<TABLE>
<CAPTION>

                                                        THREE MONTHS ENDED MARCH 31,
                                                                UNAUDITED

                                                             2000          1999
                                                             ----          ----
Cash Flows From Operating Activities

<S>                                                    <C>            <C>
   Net Income ......................................   $   711,221    $   556,213
   Adjustments to Reconcile Net Income to Cash
   used by Operating Activities:
      Depreciation and Amortization ................       169,689        108,251
     (Increase) Decrease in:
         Accounts Receivable .......................      (875,867)      (141,542)
         Inventory .................................       (66,232)       (30,502)
         Prepaid Expenses ..........................       (32,512)        90,989
         Prepaid income Taxes ......................       119,951           --
         Deposits ..................................        61,315          6,576
      Increase (Decrease) in:
         Accounts Payable ..........................      (196,025)      (236,384)
         Accrued Expenses ..........................        47,338        (27,680)
         Other Taxes Payable .......................          --           11,103
         Customer Advance Payments .................      (140,656)           537
         Income Taxes Payable ......................       183,649        268,485
         Deferred Income Taxes .....................         2,000          2,560
         Deferred Income ...........................        (6,451)        (3,637)
                                                       -----------    -----------
           Net Cash Provided by Operating Activities       (22,580)       604,969
                                                       -----------    -----------

Cash Flows From Investing Activities

   Purchase of Property and Equipment ..............      (151,656)      (145,206)
   Decrease (Increase) Note Receivable - Sale of
      Equipment ....................................          --            6,374
   (Increase) Decrease in Shareholder's Loan .......          --           (6,395)
   Increase in Other Receivables ...................        (2,918)          (761)
   Decrease (Increase) in Note Receivable - Sale of
     Subsidiary ....................................          --            7,000
                                                       -----------    -----------
            Net Cash Used  By Investing Activities .      (154,574)      (138,988)
                                                       -----------    -----------

Cash Flows From Financing Activities

   (Decrease) Increase in Notes Payable ............      (133,289)       135,027
   Decrease in Notes Payable .......................      (163,779)      (260,399)
                                                       -----------    -----------
           Net Cash Used  By Financing Activities ..      (297,068)      (125,372)
                                                       -----------    -----------

Net Increase (Decrease) In Cash ....................      (474,222)       340,609
Cash - Beginning of Period .........................     2,926,412        125,844
                                                       -----------    -----------
Cash - End of Period ...............................   $ 2,452,190    $   466,453
                                                       ===========    ===========

The Company had Interest Cash Expenditures of: .....   $    50,219    $    28,427
The Company had Tax Cash Expenditures of: ..........          --      $    10,202


</TABLE>




                             See Accompanying Notes

                                        8
<PAGE>
                       ABLE ENERGY, INC. AND SUBSIDIARIES

               NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENT

                      DECEMBER 31, 1999 AND MARCH 31, 2000

Note 1         Basis of Presentation

                  Able   Energy,   Inc.   was   incorporated   in  the  state of
                  Delaware on March 13, 1997. Mr. Timothy  Harrington  exchanged
                  his stock in the  following  companies:  Able Oil  Company  (a
                  New  Jersey  corporation),  Able Oil Company Montgomery,  Inc.
                  (a Pennsylvania  corporation),  A  & O Environmental Services,
                  Inc. (a New Jersey corporation),  Able  Oil Melbourne, Inc. (a
                  Florida  corporation)  and his 99%  interest  in Able Propane,
                  LLC for 1,000  shares of  Able  Energy,   Inc.  and became its
                  sole  shareholder.  In  December  1998, the Company sold A & O
                  Environmental Services, Inc. and Able Oil Company Montgomery,
                  Inc.

                  On August 27, 1999, the Company, through a newly formed wholly
                  owned subsidiary,  Able Energy - New York, Inc., purchased the
                  assets  of  B  &  B  Fuels  of  Warrensburg,  New  York.  This
                  acquisition was treated as a purchase.

                  On August 31, 1999, the Company, through a newly formed wholly
                  owned  subsidiary,  Able Energy Terminal,  LLC,  purchased the
                  facility  on Route 46,  Rockaway,  NJ.  The  facility  has two
                  tenants.

                  The consolidated  interim financial statements included herein
                  have been prepared by the Company,  without audit, pursuant to
                  the  rules  and   regulations  of  the   Securities   Exchange
                  Commission.   Certain  information  and  footnote  disclosures
                  normally   included  in  financial   statements   prepared  in
                  accordance with generally accepted accounting  principles have
                  been   condensed  or  omitted   pursuant  to  such  rules  and
                  regulations,   although   the   Company   believes   that  the
                  disclosures are adequate to make the information presented not
                  misleading.

                  These statements reflect all adjustments, consisting of normal
                  recurring adjustments which, in the opinion of management, are
                  necessary for fair  presentation of the information  contained
                  therein.  It is suggested  that these  consolidated  financial
                  statements   be  read  in   conjunction   with  the  financial
                  statements and notes thereto  included in the Company's annual
                  report for the year  ended  December  31,  1999.  The  Company
                  follows the same accounting policies in preparation of interim
                  reports.

                  Results  of  operations  for  the  interim   periods  are  not
                  indicative of annual results.

                                        9
<PAGE>
                       ABLE ENERGY, INC. AND SUBSIDIARIES

          NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (cont'd)

                      DECEMBER 31, 1999 AND MARCH 31, 2000

Note 2         Summary of Significant Accounting Policies

                  Nature of Operations

                  Able Oil Company,  Able  Melbourne and Able Energy - New York,
                  Inc. are full service oil companies that market and distribute
                  home heating oil,  diesel fuel and kerosene to residential and
                  commercial  customers operating in the northern New Jersey and
                  Melbourne,  Florida,  and Warrensburg,  New York respectively.
                  Able Propane,  which was  incorporated in July 1996,  installs
                  propane  tanks,  which  it owns,  and  sells  propane  gas for
                  heating  and  cooking   along  with  other   residential   and
                  commercial uses.

                  The Company's operations are subject to seasonal  fluctuations
                  with a majority of the  Company's  business  occurring  in the
                  late  fall  and  winter  months.   Approximately  70%  of  the
                  Company's  revenues  are  earned  and  received  from  October
                  through March, and the overwhelming  majority of such revenues
                  are derived from the sale of home heating  oil.  However,  the
                  seasonality of the Company's  business is offset,  in part, by
                  the increase in revenues  from the sale of diesel and gasoline
                  fuels during the spring and summer months due to the increased
                  use of automobiles and construction apparatus.

                  Principles of Consolidation

                  The consolidated  financial statements include the accounts of
                  Able Energy, Inc. and its subsidiaries.  The minority interest
                  of 1% in Able Propane,  LLC is so immaterial  and has not been
                  shown  separately.  All  material  intercompany  balances  and
                  transactions were eliminated in consolidation.

                  Inventories

                  Inventories  are valued at the lower of cost (first in,  first
                  out method) or market.

                  Property and Equipment

                  Property  and  equipment  are stated at cost less  accumulated
                  depreciation.   Depreciation   is   provided   by  using   the
                  straight-line  method based upon the estimated useful lives of
                  the assets (5 to 40 years).

                  For  income  tax  basis,   depreciation  is  calculated  by  a
                  combination of the straight-line and modified accelerated cost
                  recovery systems established by the Tax Reform Act of 1986.

                  Expenditures  for  maintenance  and  repairs  are  charged  to
                  expense as incurred  whereas  expenditures  for  renewals  and
                  betterments are capitalized.

                  The cost and related  accumulated  depreciation of assets sold
                  or  otherwise  disposed of during the period are removed  from
                  the  accounts.  Any gain or loss is  reflected  in the year of
                  disposal.

                                       10
<PAGE>
                       ABLE ENERGY, INC. AND SUBSIDIARIES

          NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENT (Cont'd)

                      DECEMBER 31, 1999 AND MARCH 31, 2000

Note 2         Summary of Significant Accounting Policies (cont'd)

                  Intangible Assets

                  Intangibles are stated at cost and amortized as follows:

                  Customer  Lists of  $571,000  and  Covenant  Not To Compete of
                  $183,567 related to the Connell's Fuel Oil Company acquisition
                  on October 28, 1996,  by Able Oil Company are being  amortized
                  over a straight-line  period of 15 and 5 years,  respectively.
                  The current period  amortization also includes a customer list
                  of $39,850 and Covenant Not To Compete of $100,000 relating to
                  the acquisition  from B & B Fuels on August 27, 1999, is being
                  amortized  over a  straight-line  period  of 10  and 5  years,
                  respectively.  The  amortization  for the three  months  ended
                  March 31, 2000 is $18,695.

                  For income tax basis,  the Customer Lists and the Covenant Not
                  To Compete are being amortized over a straight-line  method of
                  15 years as per the Tax Reform Act of 1993.

                  Use of Estimates

                  The  preparation  of financial  statements in conformity  with
                  generally accepted  accounting  principles requires management
                  to make  estimates  and  assumptions  that  affect the amounts
                  reported in the financial  statements and accompanying  notes.
                  Although these estimates are based on  management's  knowledge
                  of current  events and actions it may undertake in the future,
                  they may ultimately differ from actual results.

                  Income Taxes

                  Effective  January 1, 1997, all the  subsidiaries,  which were
                  S-Corporations, terminated their S- Corporation elections. The
                  subsidiaries  are now filing a  consolidated  tax return  with
                  Able Energy, Inc.

                  Effective  January 1, 1997, the Company has elected to provide
                  for  income  taxes  based  on  the   provisions  of  Financial
                  Accounting  Standards  Board  ("FASB")  Statement of Financial
                  Accounting  Standards ("SFAS") No. 109, "Accounting for Income
                  Taxes",  which requires recognition of deferred tax assets and
                  liabilities for the expected future tax consequences of events
                  that have been  included in the financial  statements  and tax
                  returns in different years. Under this method, deferred income
                  tax  assets  and  liabilities  are  determined  based  on  the
                  difference  between the  financial  statement and tax bases of
                  assets and  liabilities  using enacted tax rates in effect for
                  the year in which the differences are expected to reverse.

                                       11
<PAGE>
                       ABLE ENERGY, INC. AND SUBSIDIARIES

          NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENT (Cont'd)

                      DECEMBER 31, 1999 AND MARCH 31, 2000

Note 2         Summary of Significant Accounting Policies (cont'd)

                  Concentrations of Credit Risk

                  The  Company  performs  on-going  credit  evaluations  of  its
                  customers'  financial  conditions  and requires no  collateral
                  from its customers.

                  Financial instruments which potentially subject the Company to
                  concentrations of credit risk consists of checking and savings
                  accounts  with  several  financial  institutions  in excess of
                  insured   limits.   The  excess   above   insured   limits  is
                  approximately  $2,246,000.  The  Company  does not  anticipate
                  non-performance by the financial institution.

                  Cash

                  For  the  purpose  of the  statement  of cash  flows,  cash is
                  defined as balance  held in  corporate  checking  accounts and
                  money market accounts.

Note 3          Notes Receivable

                  The Company has Notes  Receivable from Able  Montgomery,  Inc.
                  related to the sale of the  Company  and a truck  financed  by
                  Able  Energy,  Inc. The Notes total  $149,032.  No payments of
                  principal or interest have been received in approximately  one
                  year.  The  Company is  currently  working  with the debtor on
                  restructuring the payment schedule.  The income on the sale of
                  the Company in December 1998 is shown as deferred income to be
                  realized upon collection of the Notes.  Due to the uncertainty
                  of the  collection  period,  the note  receivable and deferred
                  income are being shown as non-current.

Note 4          Inventories
<TABLE>
<CAPTION>

                     Items                                                         2000                  1999
                     -----                                                         ----                  ----
<S>                                                                            <C>                    <C>
                     Heating Oil                                               $163,957               $ 89,419
                     Diesel Fuel                                                 32,707                 37,596
                     Kerosene                                                     5,490                  4,709
                     Propane                                                      1,343                  5,541
                     Parts and Supplies                                          92,714                 92,714
                                                                              ---------              ---------
                          Total                                                $296,211               $229,979
                                                                               ========               ========

</TABLE>







                                       12
<PAGE>
                       ABLE ENERGY, INC. AND SUBSIDIARIES

          NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENT (Cont'd)

                      DECEMBER 31, 1999 AND MARCH 31, 2000

Note 5         Notes Payable Bank

                  Notes payable to PNC Bank include a line of credit of $500,000
                  with interest at the rate of Prime minus 1/2%. The outstanding
                  balance on the Line of Credit is  $67,924  at March 31,  2000.
                  The agreement  with Able Oil Company,  dated October 20, 1997,
                  and amended August 11, 1999, has a current  expiration date of
                  June 30,  2000.  There is also a term loan with PNC Bank.  The
                  term loan was  refinanced  for a total of $675,000 on June 12,
                  1998.  The balance as of March 31, 2000 is $281,250.  The bank
                  has released as  collateral  the stock of the Company owned by
                  the prior sole  shareholder and has released the  subsidiaries
                  and Timothy Harrington as guarantors. The Company has replaced
                  this  by  granting  the  PNC  Bank a  first  priority  lien on
                  collateral  consisting of Provident  Institution  Money Market
                  Fund  containing  no less than  $972,000.  The Company under a
                  guaranty  and  suretyship   agreement   will   unconditionally
                  guarantee  payment of the  indebtedness to the bank. All other
                  collateral and covenants per the agreement have been deleted.

Note 6          Long-Term Debt

                  Mortgage note payable dated,  August 27, 1999,  related to the
                  purchase of B & B Fuels facility and equipment. The total note
                  is  $145,000.  The note is  payable in the  monthly  amount of
                  principal and interest of $1,721.18  with and interest rate of
                  7.5% per annum.  The initial payment was made on September 27,
                  1999, and continues monthly until August 27, 2009 which is the
                  final payment.  The note is secured by a mortgage made by Able
                  Energy New York, Inc. on property at 2 and 4 Green Terrace and
                  4 Horican  Avenue,  Town of  Warrensburg,  Warren County,  New
                  York.  The  balance  due on this  Note at March  31,  2000 was
                  $141,710.

                  Mortgage note payable dated,  August 31, 1999,  related to the
                  purchase of the facility and equipment in Rockaway, New Jersey
                  by Able Energy Terminal, LLC ("Terminal").  The note is in the
                  amount of $650,000.

                  Pursuant to Section 4.4 of the  Agreement  of Sale to purchase
                  the Terminal,  the Principal Sum of the $650,000 note shall be
                  reduced by an amount equal to one-half of all sums expended by
                  Borrower on the  investigation and remediation of the property
                  provided, however, that the amount of said reduction shall not
                  exceed $250,000 (the "Remediation Amount").

                  The "Principal Sum" less the "Remediation  Amount" shall be an
                  amount equal to $400,000 (the "Reduced  Principal  Sum").  The
                  Reduced Principal Sum shall bear interest from the date hereof
                  at the rate of 8.25% per annum. Any portion of the Remediation
                  Amount not utilized in the  investigation  and  remediation of
                  the  property  shall not begin to accrue  interest  until such
                  time that (i) a No Further Action Letter" is obtained from the
                  Department   of   Environmental   Protection,   and   (ii)  an
                  outstanding   lawsuit  concerning  the  property  is  resolved
                  through  settlement  or  litigation  (subject  to  no  further
                  appeals).  All payments on this Note shall be applied first to
                  the payment of  interest,  with any balance to the payment and
                  reduction of the Reduced Principal Sum.

                                       13
<PAGE>
                       ABLE ENERGY, INC. AND SUBSIDIARIES

          NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENT (Cont'd)

                      DECEMBER 31, 1999 AND MARCH 31, 2000

Note 6          Long-Term Debt (cont'd)

                  Interest shall be due and payable  commencing on September 30,
                  1999 on the Reduced  Principal Sum of the note on the last day
                  of each month up to and including July 31, 2004.

                  The  Note is  collateralized  by the  property  and  equipment
                  purchased  and  assignment  of the leases.  The balance due on
                  this Note at March 31, 2000 was $650,000.

Note 7          Income Taxes

                  Effective January 1, 1997, the Company adopted Statement of
                  Financial Accounting Standards No. 109, Accounting for Income
                  Taxes.

                  The differences  between the statutory  Federal Income Tax and
                  Income Taxes Continuing Operation is accounted for as follows:
<TABLE>
<CAPTION>

                                                                                    2000

                                                                                                      Percent of
                                                                                                        Pretax
                                                                                Amount                  Income

<S>                                                                           <C>                         <C>
Statutory Federal Income Tax                                                  $346,650                    34.0%

Increase resulting from State Income

Tax, net of Federal Tax benefit                                                 91,800                     5.9%
                                                                              --------                   -----

Income Taxes                                                                  $438,450                    39.9%
                                                                              ========                   =====

Income Taxes consist of:
 Current                                                                      $436,450
 Deferred                                                                        2,000
                                                                             ---------
    Total                                                                     $438,450
                                                                              ========
</TABLE>




                                       14
<PAGE>
                       ABLE ENERGY, INC. AND SUBSIDIARIES

          NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENT (Cont'd)

                      DECEMBER 31, 1999 AND MARCH 31, 2000

Note 7          Income Taxes (cont'd)

<TABLE>
<CAPTION>
                                                                                           1999

                                                                                                      Percent of
                                                                                                        Pretax
                                                                                Amount                  Income

<S>                                                                           <C>                         <C>
Statutory Federal Income Tax                                                  $293,300                    34.0%

Increase resulting from State Income

Tax, net of Federal Tax benefit                                                 85,310                     5.9%
                                                                              --------                   -----

Income Taxes                                                                  $378,610                    39.9%
                                                                              ========                   =====

Income Taxes consist of:
 Current                                                                      $374,490
 Deferred                                                                        4,120
                                                                             ---------
    Total                                                                     $378,610
                                                                              ========

</TABLE>

                  The types of  temporary  differences  between the tax bases of
                  assets and liabilities and their financial  reporting  amounts
                  that give rise to a  significant  portion of the  deferred tax
                  liability  and  deferred tax asset and their  approximate  tax
                  effects are as follows at:
<TABLE>
<CAPTION>

                                                                                               2000

                                                                                   Temporary                 Tax
                                                                                  Difference               Effect

<S>                                                                              <C>                    <C>
Depreciation                                                                     $(184,389)             $(58,201)
Allowance for Doubtful Accounts                                                     157,974                44,235
Gain on Sale of Subsidiary                                                           18,766                 4,035

                                                                                                1999

                                                                                   Temporary                 Tax
                                                                                  Difference               Effect

Depreciation                                                                     $(179,389)             $(56,201)
Allowance for Doubtful Accounts                                                     157,974                44,235
Gain on Sale of Subsidiary                                                           18,766                 4,035

</TABLE>



                                       15
<PAGE>
                       ABLE ENERGY, INC. AND SUBSIDIARIES

          NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENT (Cont'd)

                      DECEMBER 31, 1999 AND MARCH 31, 2000

Note 8         Commitments and Contingencies

                  The Company is subject to laws and regulations relating to the
                  protection  of the  environment.  While it is not  possible to
                  quantify  with  certainty  the  potential  impact  of  actions
                  regarding environmental matters, in the opinion of management,
                  compliance with the present environmental protection laws will
                  not have a material adverse effect on the financial condition,
                  competitive position, or capital expenditures of the Company.

                  In  accordance  with  the  agreement  on the  purchase  of the
                  property  on Route 46,  Rockaway,  New  Jersey by Able  Energy
                  Terminal, LLC, the purchaser shall commence after closing, the
                  investigation   and   remediation  of  the  property  and  any
                  hazardous  substances  emanating from the property in order to
                  obtain  a  No  Further  Action  letter  from  the  New  Jersey
                  Department of Environmental  Protection (NJDEP). The purchaser
                  will also pursue  recovery  of all costs and  damages  related
                  thereto in the lawsuit by the seller  against a former  tenant
                  on  the  purchased   property.   Purchaser   will  assume  all
                  responsibility  and direction for the lawsuit,  subject to the
                  sharing of any  recoveries  from the lawsuit  with the seller,
                  50-50.  The seller by reduction of its mortgage will pay costs
                  related  to the  above up to  $250,000  (see  Note 6).  In the
                  opinion of  management,  the Company will not sustain costs in
                  this matter which will have a material  adverse  effect on its
                  financial condition.

                  Able Oil Company has been  examined  by the  Internal  Revenue
                  Service  through the year ended  December 31,  1995.  The only
                  open year for Able Oil Company is  December  31, 1996 and Able
                  Energy,  Inc.,  et al, open years are December 31, 1997,  1998
                  and December 31, 1999.

Note 9         Operating Lease

                  Able Energy Terminal, LLC, has acquired the following lease on
                  the property it purchased on Route 46 in Rockaway, New Jersey.

                  The lease with Able Oil Company,  a wholly owned subsidiary of
                  Able Energy,  Inc.,  has an expiration  date of July 31, 2004.
                  The lease provides for a monthly  payment of $1,200 plus a one
                  cent per  gallon  through  put,  as per a monthly  rack  meter
                  reading.

                  Estimated future rents are $14,400 per year, plus the one cent
                  per gallon  through put  charges  per the  monthly  rack meter
                  readings.

                  The  Company  leased  an  additional  facility  on Route 46 in
                  Rockaway,  New  Jersey.  The lease has a term of one year from
                  September 1, 1999 to August 31,  2000.  The rent is $1,300 per
                  month,  $15,600 for the year, plus 10% of the increase in real
                  estate  taxes over the base year,  1999.  The  Company has the
                  option  to  renew  for five  additional  one-year  terms.  The
                  renewals  are at an  increase  of $100 per month  during  each
                  renewal term. The estimated  future rent upon one year renewal
                  is $16,800.

                                       16
<PAGE>
                       ABLE ENERGY, INC. AND SUBSIDIARIES

          NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENT (Cont'd)

                      DECEMBER 31, 1999 AND MARCH 31, 2000

Note 10          Per Share Information

                  Per share  information has been computed based on the weighted
                  average  number  of  shares.  The  shares  give  effect  to  a
                  1,000-for-1 stock spilt by the Company and its public offering
                  of 1,000,000 shares.

Note 11          Extraordinary Item

                  The Company  utilized a net operating loss  carryforward  from
                  the year ended  December  31, 1999 of  approximately  $318,000
                  which resulted in a tax reduction of approximately $132,850.




























                                       17


<PAGE>
                       ABLE ENERGY, INC. AND SUBSIDIARIES

ITEM 2 Management's Discussion and Analysis of Financial Condition and Results
       of Operations

                  Statements in this Quarterly Report on Form 10-QSB  concerning
                  the  Company's   outlook  or  future   economic   performance,
                  anticipated profitability,  gross billings,  expenses or other
                  financial items, and statements  concerning assumption made or
                  exceptions to any future  events,  conditions,  performance or
                  other matter are "forward looking statements," as that term is
                  defined  under the Federal  Securities  Laws.  Forward-looking
                  statements  are  subject  to risks,  uncertainties,  and other
                  factors which would cause actual results to differ  materially
                  from  those  stated  in  such  statements.   Such  risks,  and
                  uncertainties and factors include, but are not limited to: (i)
                  changes in external  competitive  market  factors or trends in
                  the Company's results of operation; (ii) unanticipated working
                  capital or other cash  requirements  and (iii)  changes in the
                  Company's  business  strategy or an  inability  to execute its
                  competitive   factors   that  may  prevent  the  Company  from
                  competing successfully in the marketplace.

                  Revenue Recognition

                  Sales of fuel and heating equipment are recognized at the time
                  of  delivery  to the  customer,  and  sales of  equipment  are
                  recognized at the time of  installation.  Revenue from repairs
                  and  maintenance  service is recognized upon completion of the
                  service.   Payments   received  from   customers  for  heating
                  equipment  service  contracts are deferred and amortized  into
                  income over the term of the respective service contracts, on a
                  straight line basis, which generally do not exceed one year.

                  Results of Operations

                  Three  months  ended  March 31,  2000,  compared  to the three
                  months ended March 31, 1999.

                  The Company  reported  revenues of  $11,115,203  for the three
                  months  ended March 31,  2000,  an increase of 79.83% over the
                  prior year's  revenues of $6,180,935  for the same three month
                  period.  This increase can be attributed to increased sales as
                  a result  of  cooler  weather  in the  Northeast  during  this
                  quarter and an  increase in the price of products  sold by the
                  Company above the price of the prior year. The  acquisition of
                  B & B Fuels increased  sales for the quarter by  approximately
                  $500,000.  Increased  revenues  can  also be  attributable  to
                  increased marketing efforts.

                  Gross  profit  margin,  as a percentage  of revenues,  for the
                  three months ended March 31, 2000,  decreased to 18.69% of net
                  revenues,  representing  a decrease  of 9.68% over a margin of
                  28.37% for the same  quarter  on year ago.  The  reduction  in
                  margin is primarily a result of raising unstable retail prices
                  for home heating oil caused by a large raise in product cost.

                  Selling,  General and  Administrative  expenses  increased  by
                  $187,693 or 26.95% from  $696,542  for the three  months ended
                  March 31, 1999 to $884,235  for the three  months  ended March
                  31, 2000. This increase was  attributable to the operations of
                  two  subsidiaries  formed  in  August  1999  of  approximately
                  $80,000  and  an  increase  in  insurance,   labor  costs  and
                  benefits.

                                       18
<PAGE>
                  Operating  Income for the three months ended March 31, 2000 as
                  $1,023,965,  an increase of 7.90% over the Company's operating
                  income of $948,965  for the three months ended March 31, 1999.
                  This  increase  in  operating   income  was   attributable  to
                  increased  sales  for  home  heating  oil  and  other  company
                  products  greater  then  increased  cost and from  current and
                  prior marketing  efforts.  The company  acquisitions in August
                  1999 resulted in operating  income of  approximately  $101,000
                  for the current period.

                  Net income for the three months ended March 31, 2000 increased
                  by $155,008  or 28% to  $711,221  as compared to the  previous
                  year.  This  increase  in net  income  is a direct  result  of
                  continued  sales growth  which more than offset the  increased
                  product  and  operating   costs.   Income  from  the  two  new
                  subsidiaries formed in August 1999 was approximately $61,000.

                  Depreciation  and  amortization  expense for the three  months
                  ended March 31, 2000 was  $169,689,  an increase from $108,251
                  for the  three  months  ended  March  31,  1999.  Amortization
                  relates to the amortization of customer lists, being amortized
                  over 15 years and two Non-Compete  Agreements amortized over 5
                  years , per the agreements. The increased depreciation relates
                  to the purchase of  additional  trucks and other  equipment in
                  1999  and  the  acquisition  of  equipment  on the B & B Fuels
                  purchase  and  the  purchase  of  the  Company's  facility  in
                  Rockaway,  New Jersey.  Both acquisitions took place in August
                  1999.

                  Interest expense for the three months ended March 31, 2000 was
                  $50,219 as  compared  to $28,427  for the three  months  ended
                  March 31,  1999.  This  increase  was due to debt  incurred in
                  connection  with the  acquisitions  of B & B Fuels (New York),
                  the property in Rockaway,  New Jersey,  and additional  trucks
                  and other equipment.

                  Liquidity and Capital Resources

                  For the three  months  ended March 31,  2000,  compared to the
                  three months ended March 31, 1999, the Company's cash position
                  increased by $1,985,737  from $466,453 to $2,452,190.  For the
                  year ended December 31, 1999, cash of $5,867,100 was generated
                  from the Company's initial public offering. For the year ended
                  December 31, 1998, cash was generated through operations,  net
                  income and collections of customer advance payments.

                  The  Company  has the  following  Agreement  with its  primary
                  financial  institution.  The company's credit line is $500,000
                  at 1/2% below  prime,  the  outstanding  balance is $67,925 at
                  March 31,  2000.  The  Company  has a three  year term loan of
                  $675,000 with a balance of approximately $280,000 at March 31,
                  2000.  The  Agreement  with the bank has a current  expiration
                  date of June 30, 2000.

                  The Company  received  net  proceeds  from its initial  public
                  offering in an amount of $5,867,100. The Company believes that
                  the net  proceeds  of this  offering,  coupled  with  the bank
                  agreements  and  income  from  operations,  will  fulfill  the
                  Company's working capital needs for the next 18 months. As the
                  Company continues to grow, and strengthens its  infrastructure
                  to position itself for additional growth, bank borrowings,  or
                  other debt placements and equity  offerings may be considered,
                  in  part,  or  in  combination,  as  the  Company's  situation
                  warrants.

                                       19
<PAGE>
                  Seasonality

                  The Company's operations are subject to seasonal fluctuations,
                  with a majority of the  Company's  business  occurring  in the
                  late  fall  and  winter  months.   Approximately  70%  of  the
                  Company's  revenues  are  earned  and  received  from  October
                  through March, and the overwhelming  majority of such revenues
                  are derived from the sale of home heating  products  including
                  propane  gas and fuel oil.  However,  the  seasonality  of the
                  Company's  business  is offset,  in part,  by an  increase  in
                  revenues from the sale of HVAC  products and services,  diesel
                  and gasoline fuels during the spring and summer months, due to
                  the increased use of automobiles and construction apparatus.

                  From  May   through   September,   Able  Oil  can   experience
                  considerable reduction of retail heating oil sales. Similarly,
                  Able  Propane  can  experience  up to 80%  decrease in heating
                  related propane sales during the months of April to September,
                  which is offset  somewhat by an  increase of pool  heating and
                  cooking fuel.

                  Over 90% of Able  Melbourne's  revenues  are derived  from the
                  sale of diesel fuel for construction  vehicles, and commercial
                  and recreational  sea-going  vessels during Florida's  fishing
                  season  which  begins  in April and ends in  November.  Only a
                  small percentage of Able Melbourne's revenues are derived from
                  the sale of home heating fuel.  Most of these sales occur from
                  December through March, Florida's cooler months.

                                     PART II

Items 1-5.

         Not Applicable.

Item 6.  Exhibits and Reports on Form 8-K.

         (a)      Exhibit 27.       Financial Data Schedule





<PAGE>
                                   SIGNATURES

         Pursuant to the  requirements  of the Securities  Exchange Act of 1934,
the  Registrant  has duly  caused  this report to be signed on its behalf by the
undersigned thereunto duly authorized.

                                                               ABLE ENERGY, INC.
                                                                    (Registrant)



                                                   By: /s/ Christopher P. Westad
                                                           Christopher P. Westad
                                       President and Principal Financial Officer

                                       20